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Question
Meera borrowed a sum of Rs 1000 from Sita for two years. If the rate of interest is 10% compounded annually, find the amount that Meera has to pay back.
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Solution
P = Rs 1, 000
R = 10 % p . a .
n = 2 years
We know that amount A at the end of n years at the rate R % per annum when the interest is
compounded annually is given by A = P \[\left( 1 + \frac{R}{100} \right) . \]
\[ \therefore A = 1, 000 \left( 1 + \frac{10}{100} \right)^2 \]
\[ = 1, 000 \left( 1 . 1 \right)^2 \]
\[ = 1, 210\]
Thus, the required amount is Rs 1, 210.
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